Funds used for general corporate purposes, including working capital
By Devika Patel
Knoxville, Tenn., Sept. 10 – Nxt-ID, Inc. said it priced a $5.85 million public sale of units with an $877,498 greenshoe. The deal was announced Aug. 5.
The company will sell 2,127,273 units of one common share and one warrant at $2.75 per unit, with each warrant exercisable at $3.288 for five years. The strike price is a 7.38% discount to the Sept. 9 closing share price of $3.55.
Northland Capital Markets and Benchmark Co. are the joint bookrunners.
Proceeds will be used for general corporate purposes, including working capital, product development and marketing activities.
The Shelton, Conn., company offers security solutions for mobile devices.
Issuer: | Nxt-ID, Inc.
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Issue: | Units of one common share and one warrant
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Amount: | $5.85 million
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Greenshoe: | $877,498
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Units: | 2,127,273
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Price: | $2.75
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Warrants: | One warrant per unit
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Warrant expiration: | Five years
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Warrant strike price: | $3.288
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Bookrunners: | Northland Capital Markets and Benchmark Co.
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Co-manager: | Newport Coast Securities Inc.
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Announcement date: | Aug. 5
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Pricing date: | Sept. 10
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Settlement date: | Sept. 15
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Stock symbol: | Nasdaq: NXTD
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Stock price: | $3.55 at close Sept. 9
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Market capitalization: | $52.65 million
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